Official Bank of England announcements

UK Unemployment Rises to 4.4%, Highest in Over 2 1/2 Years

Jun 11, 2024, 06:27 AM

The UK unemployment rate has risen unexpectedly to 4.4%, the highest level in over two and a half years. This increase comes despite strong wage growth, indicating a cooling labor market. The rise in unemployment complicates the Bank of England's decision on when to cut interest rates, as wage growth remains elevated. Official data for April showed these trends, highlighting the challenges faced by policymakers.